"'Allow partial withdrawal of CPF savings at 65' - The Straits Times Feb 01, 2015
A government-appointed panel reviewing the Central Provident Fund (CPF) is expected to recommend allowing people to make one partial lump sum withdrawal from their retirement account at age 65.
While the panel will not call for the Minimum Sum to be adjusted upwards, it pointed out that the amount members must leave in the CPF at age 55 will continue to rise. This is because savings for retirement need to keep pace with rising prices and standards of living so that payouts are adequate, panel chief Tan Chorh Chuan said at a media briefing last Friday."
Well, this CPF issue was really hotly discussed, debated and actions taken by very high level people ALL because of blogger Roy triggered it though, unfortunately, he had made some libellous statement about the PM, and is paying for it!
Lessons for me are:
1. credit must be given when it is due, so my salute to Blogger Roy for broaching this topic that WOKE, for many, the highly paid and supposedly highly intelligent and smart elites of our government to START to look at the CPF issue seriously!;
2. it seems to me that this CFP Committee's 1st phase of recommendation focused on those who have Minimal Sum (MS) and how much the CPF members can withdraw their money EVEN when they don't have the MS when they hit 65 years old. So, I will ONLY comment on the FLAWED logic of: why MS must keep increasing!
a. if housing and medical insurance are taken care of by the CPF members, and one TRULY wish that all CFP members that hit 55-year old WOULD HAVE done so, it is important to instil the mind-set that: when we grow older, we should have lesser needs and that living healthily and simply is very possible! If this is the case, then it is logical to assume that the elderly DOES NOT need increasing MS! No?;
b. when the MIND-SET is that the elderly MUST need MORE and MORE, excluding the housing and medical insurance, then it is only logical to assume the MS needs to increase year after year!
So, the authorities MUST address the mind-set and decide IF a paradigm shift must be inculcated!
3. IF the government believed that the MS is the BARE essential to SUSTAIN a retiree AFTER he/she hits 65 years old, then the act of ALLOWING CPF members to withdraw their money from CPF Fund is UNFATHOMABLE! It is, if I may call a spade a spade: Cop out!! A surrender of doing the right thing!
How can a responsible government BE copping out! This is not good. IF the MS is needed for a solid reason, we better be able to explain, help the beneficiaries appreciate the logic and DO THE RIGHT THING RIGHT!!
Or are our government falling into the trap of the often derided 'advance Western democracies' that cop out on many serious social issues just to 'win some votes' in the coming GE?
A government-appointed panel reviewing the Central Provident Fund (CPF) is expected to recommend allowing people to make one partial lump sum withdrawal from their retirement account at age 65.
While the panel will not call for the Minimum Sum to be adjusted upwards, it pointed out that the amount members must leave in the CPF at age 55 will continue to rise. This is because savings for retirement need to keep pace with rising prices and standards of living so that payouts are adequate, panel chief Tan Chorh Chuan said at a media briefing last Friday."
Well, this CPF issue was really hotly discussed, debated and actions taken by very high level people ALL because of blogger Roy triggered it though, unfortunately, he had made some libellous statement about the PM, and is paying for it!
Lessons for me are:
1. credit must be given when it is due, so my salute to Blogger Roy for broaching this topic that WOKE, for many, the highly paid and supposedly highly intelligent and smart elites of our government to START to look at the CPF issue seriously!;
2. it seems to me that this CFP Committee's 1st phase of recommendation focused on those who have Minimal Sum (MS) and how much the CPF members can withdraw their money EVEN when they don't have the MS when they hit 65 years old. So, I will ONLY comment on the FLAWED logic of: why MS must keep increasing!
a. if housing and medical insurance are taken care of by the CPF members, and one TRULY wish that all CFP members that hit 55-year old WOULD HAVE done so, it is important to instil the mind-set that: when we grow older, we should have lesser needs and that living healthily and simply is very possible! If this is the case, then it is logical to assume that the elderly DOES NOT need increasing MS! No?;
b. when the MIND-SET is that the elderly MUST need MORE and MORE, excluding the housing and medical insurance, then it is only logical to assume the MS needs to increase year after year!
So, the authorities MUST address the mind-set and decide IF a paradigm shift must be inculcated!
3. IF the government believed that the MS is the BARE essential to SUSTAIN a retiree AFTER he/she hits 65 years old, then the act of ALLOWING CPF members to withdraw their money from CPF Fund is UNFATHOMABLE! It is, if I may call a spade a spade: Cop out!! A surrender of doing the right thing!
How can a responsible government BE copping out! This is not good. IF the MS is needed for a solid reason, we better be able to explain, help the beneficiaries appreciate the logic and DO THE RIGHT THING RIGHT!!
Or are our government falling into the trap of the often derided 'advance Western democracies' that cop out on many serious social issues just to 'win some votes' in the coming GE?
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